Study: We're not saving enough money

Two recent studies show many of us aren't saving enough -- to the point we don't have enough stashed away for an emergency or for a comfortable retirement.

One survey released this week show that just barely half of Americans have more emergency savings than what they owe on their credit cards.

Bankrate.com, that is based in Palm Beach County found that one in four Americans actually has more credit card debt than emergency savings.

"As difficult as it may be to boost savings," McBride added, "having an adequate emergency savings cushion is critical to maintaining financial stability, and Americans need to find ways to sock away more cash for a rainy day."

Meanwhile, another national survey indicated Americans are finding it hard to save for retirement: Almost half of Americans believe they are not saving enough to provide "a desirable standard of living" in retirement.

The survey, commissioned by the Consumer Federation of America and the American Savings Education Council, also reported that only two of three Americans have "have sufficient emergency saving to pay for unexpected expenses like car repairs or a doctor's visit." The two groups also reported that Americans are saving less than they did three years ago.

"The recession clearly has not ended for millions of American families, especially those with lower incomes," said Stephen Brobeck, CFA Executive Director and a founder of America Saves. "Many working families are still apparently suffering from the high unemployment rate, stagnant incomes, and a depressed housing market."

Some South Floridians are finding it hard to stretch their paychecks to cover basic bills.

Adriana Ortiz of Hollywood said her $400-a-week paycheck often doesn't stretch to pay for rent, food, insurance and other necessities.

She recently went through a financial workshop at Hispanic Unity's Center for Working Families and loves the idea of saving. Ortiz said she even opened a savings account — but daily expenses and emergencies has prevented her, so far, from adding to it.

Still, the single mom of a 5-year-old daughter said she keeps watching every penny and doesn't go out to the movies or other entertainment.

"She does amazing things with her money," said Sandra Tobon, a financial coach at the nonprofit Hispanic Unity.

Now, Tobon is trying to encourage Ortiz and others who may qualify for the Earned Income Tax Credit to save much of their federal income tax refund. It's the one time of the year when many get a large chunk of cash that can equal a month or two of their paychecks, Tobon said.

Parents of three or more children can qualify for as much as a $5,751 tax credit. The first of the federal tax refunds are coming in now and Tobon would like her students to save most of it.

Others recommend saving by having money taken out automatically out of their paychecks.

"I never see it," said Lisa Green of Palm Beach County. Money out of her paycheck automatically goes into savings and retirement accounts. "I think it is a matter of discipline," Green said.

She also tries to increase her savings rate every year.

Like most Floridians, Green said she doesn't have a pension — and that makes her save even more.